Another post-Sandy buyout plan, this time from Bloomberg

Image source: dakine kane on Flickr

A while back we told you about the property buyout plan from Governor Cuomo that would take damaged homes, raze them, and leave the land as a sort of buffer zone against future storms. But WNYC reports on another buyout plan, this time coming from the Mayor’s office. While the Cuomo plan would use that purchased land strictly as “open space for use as parks, wetlands, drainage or other purposes,” the Mayor’s plan could use that same purchased land for development in the future. In the words of Brad Gair, the director of the city’s housing recovery office, “These are valuable properties. There is a limited amount of coastline properties.”

As to which buyout version is better, it has to do with your own perspective. Regarding how the buyouts would be funded, the Cuomo plan (a state enterprise) “would use $400 million in federal Sandy aid to acquire, at pre-Sandy prices, properties from owners who would prefer to move than rebuild in the flood plain.” The Bloomberg plan would use federal Community Development Block Grant funding ($1.8 billion has already been earmarked for the city). The total amount of funds dedicated to the buyout has not been decided on.

And while it looks like an open space vs. development debate, the Mayor’s office says that they have not made a final decision on this large detail. Brad Gair again says, “If there is one element that we have not yet come to full alignment on, it’s whether properties acquired should be made permanently open space or whether some of those would be suitable for redevelopment—preferably for the home owners in the area.” Bloomberg is known historically to be pro-development, so some folks are anticipating that he will decide to go the development route. And like they said – coastal properties hold a lot of financial value (the most expensive homes in Queens are on the waterfront).

An interesting note: whenever FEMA buys out land like this, they must leave it as open space. This is to protect taxpayers, so that they don’t have to pay for the same property twice – the first time to buy it out, and then again later if it gets flooded. If FEMA allowed people to build on the land they own, they’d have to come to the financial rescue again, as FEMA is funded by taxpayer dollars. Bloomberg’s city program would not have these sorts of restrictions. That said, the city would still have to get permission from the Federal government to go forward with this.

So what do you think – do you prefer Cuomo’s or Bloomberg’s buyout plan? Leave us a comment here or via twitter at @queensnycity.

Bloomberg to Offer Own Sandy Buy-Out Plan, with a Twist [WNYC]
Cuomo suggests demolishing damaged homes to create undeveloped, protective coastline [QNYC]
Most expensive homes sold in Queens are on the waterfront [QNYC]